Salesforce.com: Another Software Name, Another Bullish Triangle
Software has been one of the strongest industry groups lately as investors view it as largely immune to Covid-19. On Tuesday we highlighted
MSFT
bullish triangle, and today another major player has a similar pattern.
Salesforce.com is pushing against the $165 area that held it in check last year (flagged in this idea). CRM has also made a series of higher lows since getting slammed lower back on April 21. The 50-day simple moving average (SMA) was providing resistance at that time, but now the stock is fighting past that line in the sand.
CRM has also managed to get back above its 200-day SMA in the process.
Traders may want to use the April high of $165.30 as an entry trigger.
MSFT
bullish triangle, and today another major player has a similar pattern. Salesforce.com is pushing against the $165 area that held it in check last year (flagged in this idea). CRM has also made a series of higher lows since getting slammed lower back on April 21. The 50-day simple moving average (SMA) was providing resistance at that time, but now the stock is fighting past that line in the sand.
CRM has also managed to get back above its 200-day SMA in the process.
Traders may want to use the April high of $165.30 as an entry trigger.
